(Basic Decision Theory – just figure out which choice costs more on average) The weather report says that there is a 30% chance it will rain this morning. If you take your umbrella, which cost $25,and it does not rain, there is a 20% chance that you will lose it somewhere. If you do not take your umbrella, and it does rain, you will arrive at class damp and smelly, which you would pay $10 to avoid. Should you take your umbrella?

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